Teknor Apex has announced it has sold its Beetle product brand, certain manufacturing assets, and related customer lists to UK-based Petlon Polymers Ltd.
The deal, which is expected to be finalised by the end of September, comes as a result of the fire that devastated its UK compounding facility in April this year, which produced engineering thermoplastics (ETPs) and thermoplastic elastomers (TPEs).
“While Teknor Apex is well positioned to supply nylon and TPEs in Europe and throughout the world, we determined that we could not serve some ETP accounts at a level of service that their business required,” said William J. Murray, president of Teknor Apex.
“The accounts that we are relinquishing represent a small portion of our worldwide nylon business and include some engineering-grade PET business as well as nylon.”
Teknor Apex says it will continue to produce nylon compounds in the United States and Singapore under the ‘Chemlon’ brand and supply them worldwide. This month Teknor Apex introduced Chemlon 109 HBK778, a nylon moulding compound with outstanding low-temperature toughness, in the Americas, Europe, and Asia.
Murray also affirmed the strong commitment of Teknor Apex to the European market for TPEs. “Long-term our plan is to manufacture styrenic TPEs and Chemlon brand nylon in our own facility in Europe,” he said. “We will continue to manufacture TPV compounds at a facility in Genk, Belgium and distribute our styrenic TPE materials from that same location.”
The Teknor Apex sales office in Geleen, The Netherlands, continues to be the hub of support for the TPE business in the region.